According to the new Law 172(Ι0/2022 all Sellers of properties as of the 18/11/2022 are paying a special tax of 0.04% on the sale price of the property. The tax is imposed on the sale price according to the Sales Agreement. The Seller must pay the said tax at the Tax Department before the transfer...
As soon as a buyer pays advance payment according to the signed Sales Agreement, he/she has the right according to the Sale of Land (Specific Performance) Law No. 81(I)/2011 to deposit the Sales Agreement at the Department of Lands and Surveys (DLS) in which the property is situated within the specified time limit (6 months...
The last few years many developers for several reasons are unable or neglect or fail to transfer the purchased property into the buyers’ name, even if the buyer has fulfilled his contractual obligations under the sales agreement. According to the Immovable Property (Transfer and Mortgage) Law, No.9/1965, as amended by Law 139(I)/2015 and the Immovable...
Having a bank account in Cyprus is not a legal requirement, yet is time saving and cost effective to have one in Cyprus since you can do the majority of your daily payments online or through the ATM. To open a bank account it’s best to visit the bank of your choice in person to...
Orountiotis Law Firm is an honest and dynamic law firm specialized in advising foreigners and locals on their legal matters in Cyprus. Carrying business in Cyprus can be complex, especially if you are a foreigner. It is not just our law skills it’s also that our attorneys find importance in having an dynamic role...
The Apostille is an official government issued certificate added to documents so they will be accepted by other countries when presented to them. The Apostille certifies the signature of the notary or the signature of the governmental employee who signed on the governmental document (it is not a certification of the content of the document,...
According to the Company Registrar the following requirements should be fulfilled. (a) NAME OF THE COMPANY The client is able to choose the name of his company provided that the preferred name fulfils the following criteria: (1) Should not be similar to any other name of an existing company or other registered trading name (2)...
